IDT - IDT Australia

[finicky]

Up 40% @ 0.26 last I looked but has been sinking. Maybe they'll make some money out of the government if not cannabinoids. I think they did make a borderline profit last half, not sure, its not worth looking up for IDT, sour LT investor, lol

 

[Dona Ferentes]

For Dr David Sparling, Australia's struggle to secure vaccine supply is part of a bigger problem that has been brewing for three decades.

Sparling is the chief executive of IDT Australia, a listed pharmaceuticals manufacturer with a market capitalisation of $42 million. Formed in 1975, ITD is the last manufacturer in Australia of what are called small molecule active pharmaceutical ingredients (APIs). These are the building blocks on which about 80 per cent of the medicines we use in Australia are based.

Once upon a time, IDT made APIs and finished doses - tablets, capsules and injectables - for a thriving local pharmaceutical industry. But slowly and steadily, much of that work was sent offshore to low-cost nations; first India and more recently China.When the pandemic hit 12 months ago, Sparling watched as three decades of shifting drug making overseas came home to roost.

Shortages of critical medicines quickly emerged as freight interruptions (particularly to the international passenger flights that carry about 70 per cent Australian freight) collided with consumer hoarding and a level of protectionism from exporters keen to ensure their home markets were looked after.

"It came as no surprise because we saw that in the initial COVID crisis on the pharmaceutical side," Sparling says. "You are always at the end of an opaque line and all of a sudden we ran out of things that we shouldn't run out of."

When the government put out a request for information about Australia's potential manufacturing and supply chain capability for COVID19 vaccines and treatments, IDT quickly put its hand up. Not only can it make APIs, tablets and capsules and conduct and provide testing and analytical services, but it also has a sterile manufacturing line that, with some modifications, could be converted to fill and finish vials of vaccine.

And while IDT's move into making cannabis medicines is gaining some traction, Sparling is more than willing to look at expanding the excess capacity he has to help Australia's COVID-19 fight.

On Friday, Sparling got good news, with the federal Health Department asking IDT to "conduct a feasibility assessment to assess the possibility of utilising the company's sterile manufacturing facility to supplement the production capacity for a COVID19 vaccine."

But even beyond the issue of vaccines, Sparling insists there is a bigger lesson for Australia from the pandemic about whether we should be so reliant on international supply chains for essential medicines. He uses the analogy of products you would need if you were stuck on a desert island – antibiotics, anti-inflammatories and anaesthetics.

"Basic stuff, but still really clinically relevant and still really important," Sparling says. "We do as a country need to learn some of the lessons that COVID has taught us, both in turns of supply chains but also sovereign resilience. COVID19 created that need and unfortunately we fell short ... a long way short."

.......
The government announced a $1.5 billion Modern Manufacturing Strategy in last October's federal budget, and this includes a $107.2 million supply chain resilience initiative that is designed to identify critical gaps. But observers argue policy remains too tightly bound in ministerial silos - industry, energy, defence, finance - and the big picture is often missed.

COVID vaccine Australia: Vaccine challenges another chapter in the same story

Australia’s struggle to secure COVID-19 vaccine is no surprise given we import 90 per cent of our medicines. Experts want a new approach for the next crisis, writes James Thomson.

www.afr.com

 

[finicky]

@Dona Ferentes Thanks. I cancelled my subscription to AFR and SMH due the feminist slant and their Washington Post and NYTimes like anti-Trump editorials but definitely miss stuff like this. Not enough to resubscribe though

 

[Dona Ferentes]

and a further rise today, a modest 50%, on the Market Update

At the request of the Australian Government Department of Health, IDT is undertaking a feasibility assessment to assess the possibility of utilising the Company’s sterile manufacturing facility to supplement the production capability for a COVID-19 vaccine.

and that was it, folks.

 

[finicky]

Initial Substantial Holder notice today for IDT fom an obscure fund called One Funds Management. They now hold 15M shares. Been accumulating since August 2018.

Might be worth renoting that Sandon Capital has been backing IDT for a while and in fact picked IDT back in early/mid 2020 for its contribution to the philanthropic 'Future Fund' that is run by various fund managers .
Sandon Capital (SNC) is IDT's second biggest investor. SNC is ASX listed and in its recent tangible assets update it said this of IDT, quote :

"One of the investments in the portfolio that is a potential beneficiary of the COVID-19 pandemic is IDT Australia Ltd (IDT), a pharmaceutical manufacturing company. The company’s services range from early stage active pharmaceutical ingredient (commonly known as APIs) development through to finished drug formulation, clinical trial research and scaled commercial manufacturing for global distribution. Funds managed by Sandon Capital are together the second largest IDT shareholder, owning
approximately 8%.

Over the last 20 years, much of Australia’s API manufacturing has been shifted offshore to lower cost jurisdictions such as China and India. Today, Australia imports 90% of its medicines and is at the end of a very long supply chain, making us particularly vulnerable to supply chain disruptions. The COVID-19 pandemic has highlighted offshoring as a key risk to the sourcing of many critical APIs in both Australia and the US (where many of Australia’s finished pharmaceutical products are sourced from).

In its recent update to the ASX, IDT noted that its existing contracts remain unimpacted by the COVID-19 pandemic. The company also stated that it has been asked by the Australian Government to assist with certain COVID-19 response activities. Whilst the company has been loss making and consuming cash for some time, its recent foray into manufacturing medicinal cannabis has taken it to the cusp of profitability.

We believe the government should take steps to reduce risk in Australia’s pharmaceutical supply chain and bring the manufacturing of APIs back onshore. IDT’s underutilised facilities and TGA/FDA accreditation place it in a strategically important position to contribute to increasing the resilience and capacity of our domestic pharmaceutical industry."

 

[Dona Ferentes]

With the federal Health Department asking IDT to "conduct a feasibility assessment to assess the possibility of utilising the company's sterile manufacturing facility to supplement the production capacity for a COVID19 vaccine."

I thought I'd revisit IDT. How is it travelling? Since the flurry, announcements to the market are conspicuous in their absence, apart from the parrying of ownership, of Becoming a Substantial Owner countered with Ceasing to be a Substantial Owner notifications. (One Funds, Merrill Lynch IN, Credit Suisse IN then OUT). A cursory glance at the daily chart reflects this uncertainty of market positioning, to my untutored eye at least.

But even beyond the issue of vaccines, Sparling insists there is a bigger lesson for Australia from the pandemic about whether we should be so reliant on international supply chains for essential medicines. He uses the analogy of products you would need if you were stuck on a desert island – antibiotics, anti-inflammatories and anaesthetics.
.......
The government announced a $1.5 billion Modern Manufacturing Strategy in last October's federal budget, and this includes a $107 million supply chain resilience initiative that is designed to identify critical gaps. But observers argue policy remains too tightly bound in ministerial silos - industry, energy, defence, finance - and the big picture is often missed.

But the longer Covid sticks around, the calls for action grow louder, of enhancing strategic sovereign capabilities, or infrastructure that will ensure the country attains some self-sufficiency in certain areas during times of crisis.

COVID variants are certain to continue to emerge; the best way for the nation to be prepared, some argue, is to develop manufacturing capabilities to produce mRNA vaccines, which are able to be reprogrammed to tackle these variants. Victoria has stated it will put $50M into kickstarting the development of domestic mRNA manufacturing.

But meanwhile, IDT is somewhat adrift, "awaiting developments" as they say:

 

[finicky]

The chart of IDT has interesting candles over the last six days: thrust down, hesitant, then firmly up with gaps, albeit on weak volume <- but isn't that what you want in a downtrend? Maybe an ABC correction completing? No orthodox downtrend resistance line but my best fit one has been breached. Obviously no trend change yet.

I might be just playing into ST traders' rumour mongering but chat lately is about Moderna and Novavax seeking govt approval to maybe do some production here and a few domestic companies putting their hand up to get involved. IDT already has TGA and FDA manufacturing accreditations plus its plant. Just the occasional drift of spectator commentary I half pay attention to from high up in the stands from where the players are mere dots. Not very interested by IDT anymore.

Held

Daily

 

[finicky]

12 month high today although pulling back last I looked. It closed on its high yesterday, up 17%
Apparently 1-2 weeks for federal government to reach a decison about funding industry to manufacture vaccine domestically and it is said we are in rivalry with the mighty CSL. So, one or two weeks maybe to enjoy speculation from traders and maybe I will sell out for the cash b4.

Daily 12 mths

Australian company offers rival bid to produce mRNA vaccines from 2023

"A Melbourne company has told the federal government it could deliver 100 million mRNA vaccines from early 2023 by expanding an existing production line in a bid that rivals a plan from CSL.
Biotech company IDT has put forward a proposal to start production within 18 months and offer population-wide inoculation against COVID-19 and its variants in a project backed by scientists and industry.
The proposal steps up competition with biotech giant CSL to build a domestic mRNA vaccine facility with federal support to develop new medical treatments and prepare for future waves of the coronavirus.
But the deal depends on whether Prime Minister Scott Morrison and Industry Minister Christian Porter can reach an agreement with vaccine producers such as Pfizer and Moderna to license their mRNA technology to an Australian partner.
The details of the bid, confirmed to The Age and The Sydney Morning Herald, meet the government’s key objective of building domestic capacity to produce enough vaccines in a year to cover the entire population.
“We are quite confident that we can meet the population-scale requirement. Our bid includes a commitment to start delivering 100 million doses within 18 months,” IDT chief executive David Sparling said.
“We are working with a globally known equipment provider that has built these sorts of facilities in other parts of the world in the recent past.”
While the government has kept its plans confidential while it considers the competing bids, the details confirm earlier estimates that it is not possible for Australia to gain a domestic mRNA capacity any earlier than 2023.
CSL, which posted revenue of $12 billion last year, has proposed a facility near the University of Melbourne to start producing mRNA vaccines within 18 months, followed by an “industrial scale” facility near Tullamarine. This timeframe also depends on a government agreement with Moderna or Pfizer.
IDT, a listed company with $14 million in revenue last year, calls instead for a federal commitment to expand an existing production line already used to make pharmaceuticals and located near Monash University.
“What we think differentiates our proposal is that we’re committing a brownfields site to this, so it does not involve a new facility build, which can sometimes take several years,” Dr Sparling said.
“This is an established site with an established equipment train in it, which we will expand, and I think that gives us a material time advantage.
“We’ve formed an alliance with numerous research bodies around the country, including Monash University, and that builds an ecosystem for mRNA.”
Mr Porter is in talks with Moderna about whether it would build its own facility in Australia or strike a technology transfer agreement with local companies to produce its mRNA vaccines here, reducing the country’s reliance on imports.
Moderna announced an agreement with the Canadian government last week to manufacture its vaccines in that country, without saying where the facility would be built or when it would start production.
“The company is in discussion with other governments about potential collaborations built on a similar model,” the company said.
Mr Porter oversees a $1.5 billion manufacturing policy that could be used to support new vaccine facilities, with the additional incentive of long-term federal contracts for vaccine supply.
IDT has an alliance with the Monash Institute of Pharmaceutical Sciences, which is developing its own mRNA vaccine in a program led by Colin Pouton, a professor of pharmaceutical biology.
Like other bidders, IDT declined to reveal the financial details of its bid on the grounds this would be subject to commercial discussions with the government.
Dr Sparling said the goal was not only to produce mRNA vaccines for COVID-19 but to develop a research capacity around Monash University to use the technology for cancer and other diseases.
“The applications are way beyond COVID-19 and the current pandemic. That’s one of the things we’ve tried to push forward in our approach to market – the breadth of that ecosystem and building sustainability into our approach,” he said.
“So we’re not just building a facility that’s ready for the next pandemic, we’re building a facility that can translate this really good research into a bunch of other applications.
“That includes oncology, inflammation, ophthalmology, and all sorts of other research.”"

 

[Dona Ferentes]

second burst today - up 20%

Media Interest Surrounding MIPS’ mRNA Receptor Binding Protein Vaccine Candidate and IDT Finalises Sterile Readiness Agreement with the Australian Government .

• Recent media interest over the weekend surrounding mRNA receptor binding protein vaccine candidate developed by Monash Institute of Pharmaceutical Sciences with the support of the Victorian Government.
• Sterile Readiness Agreement finalised between IDT and the Department of Health to bring IDT’s sterile manufacturing facility into a state of readiness to potentially produce a COVID - 19 vaccine.
• The Sterile Readiness Agreement provides for an exclusivity period with the Australian Government for the use of IDT’s sterile manufacturing facility until the earlier of: executing a Supply Agreement for IDT to provide COVID-19 vaccine services to Health, or 4 months from completion of IDT's sterile readiness works.
• IDT’s sterile readiness activities are being undertaken on a “vaccine agnostic” basis, meaning that IDT will be readying the facility to potentially manufacture a COVID-19 vaccine which may be nominated by the Government at its discretion during the exclusivity period.

 

[Garpal Gumnut]

Well IDT is my pick for the September Comp. It makes vaccines or has or will to conquer Covid.

I get confused. Everyone is an expert. It has had a spurt on recently but may retrace but should be in the running by the end of September for the Comp.

gg

Or to call me by my proper medical title seein' as everyone is an expert on health, vaccines and the meaning of life on ASF.

"gg"

 

[finicky]

Can't be bad I guess? Only producing enough drug for Monash's clinical trial but might be a future in it. Monetary is only $2m paid over 6 months it looks like.
Chart narrowing it's consolidation after August impulsive move, gap filled, seen worse charts.

Daily

 

[Dona Ferentes]

.
Chart narrowing it's consolidation after August impulsive move, gap filled, seen worse charts.

but it is back to 44c, about where the second spurt started

Words from one investor (SNC) probably sum it up well:
"We attribute the decline in the IDT share price (down 13.8%) to the absence of any announcement from the federal government on domestic manufacturing of a COVID-19 vaccine. The government had been expected to make an announcement in late October or early November, however, nothing has been announced to date. To paraphrase science, the market abhors a vacuum of information. We expect IDT’s share price will continue to be volatile, including around a positive or negative decision regarding the domestic manufacturing of a COVID-19 vaccine.

"Even if IDT does not win any government work, we believe its long-term opportunities remain significant. It has signed agreements with Australia’s pre-eminent mRNA research institutions, including Monash Institute of Pharmaceutical Sciences (MIPS), and we understand IDT is currently manufacturing small batch doses of the MIPS mRNA vaccine for its pharmaceutical trials. The need for strategic manufacturing capability for active pharmaceutical ingredients (APIs) also underpins our views of the strategic importance of IDT. Unfortunately, as an election looms in 2022, many decisions and announcements will be influenced by the election news cycle, so we have no insights as to when or if a decision around the domestic manufacturing of an mRNA vaccine might be announced. .."

 

[finicky]

Has been up 50% today, it moved 20% yesterday, still well off the last high it achieved. IDT have made the mRNA drug designed by the Monash team but all it means is that they should have something now that will be permitted for use in a phase 1 trial. Seems well behind the main action, still thinking I should sell my small holding on this run.

 

[Dona Ferentes]

back to the last run up (August)

 

[Dona Ferentes]

CEO Dr David Sparling said the capacity to build the nRNA vaccine was a vindication for IDT’s long-time supporters, but said the more important point was that Australia now had the capabilities to quickly adapt its COVID-19 response to different virus variants.

“The reason why these vaccines were developed so quickly is because the vaccine can be modified very quickly,” he said. “That is the beauty of this platform and this technology: you can put a new mRNA sequence into the vaccine and quickly change the vaccine for future variants.”

These mRNA vaccines are newer and different from traditional vector vaccines. Where vector shots introduce a harmless spike protein through a modified version of another virus that does not cause illness to teach immune systems to fight COVID-19, mRNA vaccines inject people with the actual genetic material that tells your cells how to make these proteins themselves.

About 150 people will take part in clinical trials for the IDT-manufactured mRNA vaccine set to start early next year and the results are expected later in 2022.

Dr Sparling hoped the vaccine could pass trials quickly enough to play a large role in Australia’s booster shot program. However, he said it was “hard to say” when it would reach the market.

“If it is showing good utility and efficacy, and good safety, they could progress quite quickly, I suspect,” Dr Sparling said. “Things can change very quickly, but what I would say is at least developing the capability to manufacture these things for ourselves puts us on the cutting edge of this science and put us in a very good position to fight whatever difficult issues that may come up next.”

 

[Dona Ferentes]

Am not sure this sits well with IDT and its aspirations?

[At Question Time on Wednesday], Labor frontbencher Ed Husic asked Scott Morrison why the government still has not awarded a contract to manufacture mRNA vaccines domestically despite then-industry minister Karen Andrews saying 12 months ago: “I would hope that we would be [up and running] in about the nine-month to 12-month timeframe.”

The leading bidders for that contract – CSL in Melbourne and BioCina in Adelaide – are hanging on the outcome of the tender process run by the Commonwealth’s Department of Industry.

Morrison told the House, “The Minister for Industry [Angus Taylor] may wish to add to the answer [but] we’ve been progressing strongly with the discussions we’ve been having with both CSL and Moderna in relation to the manufacturing of mRNA vaccines here in Australia.”

Minister Taylor did add to the answer. He confirmed Moderna is the particular vaccine developer he is negotiating with, then reverted to generic language regarding the selection of a manufacturer: “We approached the market for proposals from industry … We’re working through that process thoroughly now.”

<< BioCina (derived from “Bio” being the prefix of Biotech, and “Cina” being the suffix to Medicina) are 'entrepreneurial' >>

About BioCina — BioCina

www.biocina.com

 

[Dona Ferentes]

Looks like they have got it

The Company requests the trading halt in order to consider its response to a forthcoming public announcement by the Australian Government in relation to its Approach to Market: proposals to establish an onshore mRNA manufacturing capability; and Australia’s mRNA translation and manufacturing ecosystem more generally, which the Company is not in a position to announce to the market at present.

and the Govt Announcement is out

Key points:​

• The Victorian facility will manufacture COVID vaccines as well as shots for other illnesses such as the flu
• The plant could be running by 2024
• It will provide Australia with priority access to mRNA vaccines

'We're ready to pitch tent': Moderna to be first mRNA vaccine made in Australia

The Moderna mRNA vaccine could be manufactured in Australia by the middle of the decade, with plans being put together for a new plant in Victoria capable of producing up to 100 million shots a year.

www.abc.net.au

 

[finicky]

The facility will create "500 construction jobs and 500 ongoing jobs". Doesn't sound promising for IDT's facility to be used?

 

[finicky]

Nope to the mRNA manuafacturing..
Appliaction for some grant money still live.
IDT still has that collaboration going with Monash Uni I guess.
IDT still has a cannabinoid manufacturing business.

 

[Dona Ferentes]

sadly ... Nobody ever got fired for buying IBM